SBI, Bank Of Baroda To Hire 1 Lakh People; Salary Up To Rs 50 Lakh!

Reports are coming that PSBs or Public Sector Banks such as SBI, Bank of Baroda, Canara Bank etc will hire 1 lakh people in 2019, with salaries as high as Rs 50 lakh per year.

What skill are they seeking? And what is the logic behind this hiring?

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SBI, Bank of Baroda, Canara Bank Will Hire 1 Lakh People

In the last 2 years, Govt. banks such as SBI, BoB and others PSBs have hired more than 95,000 people, but a majority of them are officers. These hirings have been for clerk, management trainees and probationary officers.

In fact, only 20% of all employees in such PSBs are clerks, and rest all are officers. Only SBI is the bank with 45% share of clerks, amongst all employees.

But now, the trend will change. Officers are more or less generalists, who can any banking task after training. But PSBs want to adapt to the realities of this new age, fuelled by Digital banking.

This is the reason they will now hire 1 lakh people with specialized skills.

Which Skills Are Required By PSBs In 2019?

Due to the rise of Digital Banking and automation in the banking sector, PSBs have now woken to the new reality, and are focussing on the ‘new-age’ skills.

Skills such as Big Data, Wealth management, Analytics, Strategy, Digital Marketing, Social Media, and customer services etc will be the focus of PSBs now.

Not only this, but new posts will be created, designed and tailor-made for the new-age banking. Soon, these banks will come up with vacancies such as chief ethics officer, chief marketing officer, chief investment officer, chief learning officer, head of analytics and digital marketing campaigner and more.

New-Age Skills Hiring By PSBs

While Syndicate Bank will recruit 500 people this year, with the new-age skills, SBI will lead the charge here, as they will hire 5000 people with skills such as Analytics, BI, Strategy, Digital Marketing and more.

Bank of Baroda is looking to hire 500 people with skills in wealth management, asset management, and portfolio management services.

Salary up to Rs 50 lakh can be offered.

Sabyasachi Chakraverty, business head – banking & financial services at TeamLease observed: “State-owned banks are turning competitive after battling mammoth bad assets. The need is to change the culture of PSUs to drive business, and this has been seen in their hiring patterns.”

While global banking biggies such as Standard Chartered Bank and HSBC are firing employees due to rise in digital banking and automation, PSBs such as State Bank of India, Bank of Baroda, Canara Bank and others have increased their hiring, for the same reason.

Stay tuned, as we will keep you updated on the hiring trends for 2019.